If Jakob knows the marginal cost of the 1st foot of stream bank restored is $21, the marginal cost of the 2nd foot of stream bank restored is $40, and the marginal cost of the 3rd foot of stream bank restored is $17, what is the total variable cost of restoring 3 feet of stream bank? OA. $26 OB. $78 OC. $17 OD. $61
Q: Sarah's copy shop can use four alternative plants. The figure shows the average total cost curves…
A: Answer - Long run average cost curve - The long-run average cost curve shows the cost of producing…
Q: 3. Calculate TC, AFC, AVC, ATC and MC. Fixed Variable Costs Average Average Average Marginal Units…
A: 3) The formulas below would be required for the values in the table. TC= FC+ VC Total cost is the…
Q: What is the variable cost of production ( per month)
A: Variable Cost = Labour Cost+Ingredients+electricity Variable Cost =4.00+2.00+0.20 Variable Cost…
Q: Figure 1 shows price, marginal cost and gavecege.cost.cUDces for a fioD- Figure 1 Costs MC AC (RM)…
A: Since you have posted muti-subparts questions, as per answering guidelines we will solve the first 3…
Q: rkers) Output TFC ($) TVC ($) Total Cost ($) 0 0 50 0 1 8 50 40 90 2 20 50 80 3 28 50 120 170 4…
A: Given TFC = 50 TVC at 20 units = 80 TC = TFC + TVC = 130
Q: Answer the next four questions after completing the cost table below: Quantity TC MC AFC AVC ATC 0 1…
A: The measure that depicts expenses incurred by business for carrying out day to day expenses is known…
Q: oth in the short - run and the long - run , average cost curves are U - shaped for different reasons…
A: Average cost is the per unit cost incurred in the production of a commodity. It is obtained by…
Q: L Q TVC TC AVC AFC ATC MC 4 20 5 26 6 30…
A: Total cost is the sum of fixed and variable costs. Average cost is the per unit cost of output.…
Q: Which of the following does not change with the level of output? O Marginal cost O Total fixed cost…
A: Marginal cost is the change in total cost with respect to change in output. Average Fixed cost is…
Q: See the cost information in the table below. The marginal cost of the 6th unit is Quantity…
A: The marginal cost of a good refers to the increment in the total cost when an additional unit of a…
Q: a. How many barrels of oil will the firm extract in the first year? million barrels b. Suppose the…
A: The company will extract that quantity (Q) at which the price of extracting and the price of selling…
Q: At Stacy's current production level, an extra bunch of hats adds 20 extra scarves. Each bunch of…
A: Marginal cost is the additional cost of producing an additional unit of output.
Q: Which of the following does not change with the level of output? O Total variable cost O Total fixed…
A: There is an inverse relationship between output and average fixed cost. When an increase in output…
Q: Use the following information to answer the question Quantity (number ofFixedVariable Total Marginal…
A: Marginal cost is the cost which occurs due to the production of one more unit of output is called…
Q: Which type of cost does depend on a firm's output? Select one OA marginal cost O B total cost C…
A: Fixed cost is the cost that is incurred on fixed factors and does not change with the level of…
Q: Number of Cakes VC MC AVC FC TC ATC 0 50 1 30 2 50 3 25 4…
A: Marginal cost is the additional cost incurred in order to produce an additional unit of output.
Q: Productivity decreases when O a. Output and hours worked decrease at the same rate Ob. Hours worked…
A: Productivity refers to the ability of the business to produce more output. Productivity determines…
Q: 6)ABC company is using labor and capital to build widgets The last employee produced 20 more widgets…
A: 6. The marginal product of labour = 20 The price of labour = $10 The marginal product of…
Q: Rather than have all the tasks in a production setting being done by the same person, but by…
A: In economics, the problem of scarcity which is universal in nature is studied and addressed. Because…
Q: variable costs (AVC), average total costs (ATC), and marginal costs (MC) to fill in the missing…
A: Fixed cost refers to the cost that stays same at all levels of output. Variable cost is the cost…
Q: 8) EFG Company is using labor and capital to build phones. The last employee produced 90 more phones…
A: The marginal product for a factor of production refers to the addition in output as a result of…
Q: Meanings: TFC TVC - Total Variable Cost TC - Total cost - Tatal Fixed cost AFC average Fixed Cast…
A:
Q: 3. After graduation, Mitul went back to his village and started a commercial fishery. The…
A:
Q: Fill in the missing parts in the following tables to illustrate the behavior of production and costs…
A: Capital: Capital is a term that refers to financial assets, including specific funds invested in…
Q: An Accountant would say that total costs equal out-of-pocket costs plus opportunity cost. O True O…
A: Economic cost is the sum of out of pocket expenses and opportunity cost Accounting cost is out of…
Q: Expalin the law of diminishing returns or diseconomies of scales ?
A: In an economy, the law of diminishing returns and diseconomies of scale are two different concepts,…
Q: Fill in the missing parts in the following tables to illustrate the behavior of production and costs…
A: The total cost incurred by firms includes fixed costs and variable costs. Fixed costs are the costs…
Q: Which statement is nottrue regarding the total variable cost curve? Select one O A It shows the…
A: The total variable cost is the cost incurred on the variable factors of production.
Q: 2. A firm is using 7 units of labor and 100 units of capital to produce 1000 units of goods. At…
A: Cost of labour is $15 per unit but quantity is less Cost of capital is $2 but quantity is more
Q: 22. Suppose an artist put on 5 concerts in Korea last month for an average total cost of $1 million…
A: Average Total Cost(ATC) is the total cost divided the total quantity. ATC=total costtotal quantity…
Q: Yennefer's current production level, a extra bunch of herbs adds 24 extra spells. Each bunch of…
A: In financial matters, the marginal expense of production is the adjustment of aggregate production…
Q: Total cost Labor (workers)| Output (frijoles) (dollars) 1,000 1,000 3,000 10 3,000 5,000 15 4,000…
A:
Q: The marginal, or additional, gain from Sam's second hour of work, from 9:00 AM to 10:00 AM, is -…
A: Marginal Gain is calculated by Total problem or TPn - TPn-1 so we can solve this as follow-
Q: Output AFC AVC ATC MC 0 $ --- $ ---…
A: When the price is $105, the price is just greater than he marginal cost (82) at the output level 4…
Q: Tiva has a crafts store that makes jewelry using beads (B) and copper (C). Her production function…
A: Given Production function: Q=B0.4C0.4 .... (1) Where B denotes beads and C denotes…
Q: 2. A student foregoes her annual summer job (paying in total $3,200) in order to operate a sandwich…
A: Opportunity cost(OC) is the value of benefits that are sacrificed from the next best alternative as…
Q: The concept of marginal cost is best described by which of the following? O Mr. Creosote meets a…
A: Marginal cost refers to those cost that firm incurs when it decides to produce an additional unit of…
Q: Kevin runs a surfing school on the North Shore of Oahu. He has two inputs: surfboards, which he…
A: When marginal product per dollar is equal among the inputs, the firm achieves cost minimization.
Q: At Yennefer's current production level, a extra bunch of herbs adds 19 extra spells. Each bunch of…
A: Answer: Given, Output produced by a bunch of herbs (change in output) = 19 Cost of an extra bunch of…
Q: Which of the following does not change with the level of output? O Total fixed cost O Marginal cost…
A: Total fixed cost (TFC): - it is the cost incurred on the fixed capital assets like land, building,…
Q: People will consistently sit through terrible movies at the theater instead of leaving early. This…
A: The foundation of economics as a discipline is the notion that resources used by economies have a…
Q: Stacy's current production level, an extra bunch of scarves adds 20 extra hats. Each bunch of…
A: Marginal expense alludes to the expansion or decrease in the expense of producing another unit or…
Q: Which of the following is the best example of a transactions cost? O the price of labor and…
A: Cost is the expenditure of producing goods and services. It is the sum total of the total fixed cost…
Q: Marginal cost is given by 30 + 20Q- 12Q2. Fixed cost is 100. What is the average cost? 30 OA 3Q +…
A: Answer- Need to find - Avg. cost Given in the question- Marginal cost = 30 + 20Q - 12Q2 Fixed cost…
Q: Output Marginal Labor (Q) Product 20 1 20 50 2 100 10 5 130 6 135 In the table above, what is…
A: A production function illustrates the relationship between the inputs used and the output produced…
Q: Jane’s Juice Bar has the following cost schedules:a. Calculate average variable cost, average total…
A: The fixed cost is the cost that is associated with the fixed factors of production (factors that…
Q: Which of the following is true at the output level where average total cost is at its minimum? OA…
A: Economics is a branch of social science that describes and analyzes the behaviors and decisions…
Q: ll in the remaining cells of the following table. Quantity (Pairs) Total Cost Marginal Cost Fixed…
A: Average total cost (ATC) is determined by dividing total cost by total quantity. Average…
Q: a) Complete the following table by filling in the fixed cost (FC), variable cost (VC), total cost…
A: Total Cost (TC) = Fixed cost (FC) + Variable cost (VC) or Variable cost (VC) = Total Cost (TC) -…
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 2 images
- What is the difference between economies of scale, constant returns to scale, and diseconomies of scale?In choosing a production technology, how will firms react if one input becomes relatively more expensive?A small company that shovels sidewalks and driveways has 100 homes signed up for its services this winter. It can use various combinations of capital and labor: intensive labor with hand shovels, less labor with snow blowers, and still less labor with a pickup truck that has a snowplow on front. To summarize, the method Choices are: Method 1: 50 units of labor, 10 units of capital Method 2: 20 units of labor, 40 units of capital Method 3: 10 units of labor, 70 units of capital If hiring labor for the winter costs $100/unit and a unit of capital costs 400, what is the best production method? What method should the company use if the cost of labor rises to $20/unit?
- Return to Figure 7.7. What is the marginal gain in output from increasing the number of batters from 4 to 5 and from 5 to 6? Does it continue the pattern of diminishing marginal returns? Figure 7.7 How output Affects Total costs. Joe quits his computer programming job, where he was earning a salary of $60,000per year, to start his own computer software business in a building that he owns andwas previously renting out for $24,000 per year. In his first year of business he has thefollowing expenses: salary paid to himself, $40,000; rent, $0; other expenses, $25,000.Find the accounting cost and the economic cost associated with Joe’s computer softwarebusiness.View O Tell me what you want to do.. References Mailings Review Design Layout AL T AaBbCcD AaBbCc AaBbCcDc AaBbC New Ro 12 A A Aa - I Normal Body Text I No Spac. Heading 1 U - abx x, x A - aly. A - Styles Font Paragraph Question 2. MC ATC A VC 2.8 10 11 12 Quankily (per day The graph above shows the cost structure of a perfectly competitive firm, Use the graph above to answer the following questions. a. At which price the firm will earn zero economic profit b. What is the shut-down price? c. Above what price the firm will earn positive economic profit? d. At what price range the firm will incur a loss? Why would it continue the production? Explain. e. Show the supply curve of the firm on the graph. Explain. arch ASUS F7 180/Q 112 /A 16 8. 9. R Y 10 Price and cos b (dollos)
- QUI The figure below depicts the production function of grain for farmers under average growing conditions with the currently available Noi technology. Mar 9007 PF 800- 700- 600- 500- 400- 300- 200어 100- o Slope 732,000/ 1,600 = 458 04 400 800 1200 1600 2000 2400 2800 Number of farmers Select one or more: In a year with exceptionally good weather conditions, the production function curve will be higher and parallel to the curve O a. above. O b. A discovery of new high yielding crop seeds would tilt the production function curve higher anti-clockwise, pivoted at the origin. O C. In a year of bad drought the production curve can turn downwards for large numbers of farmers. O d. If there is an upper-limit on the amount of grain that can be produced, then the curve will end up horizontal for large number of farmers. S Type here to search 25 hp t4 15 16 eSC 5 6. 7. 00 %24 3. . ........ Kilogrammes of grain produced (thousands)Completed 58 out of 60 uestion 31 of 60 If output falls below equilibrium, marginal cost will be higher than the price. O True O False LEGOSalisbury Smacthic Coimalies bet ucen O and lo00 Smeathies each manth. Their fixed costs $2000 a monthpand their monthly Varisble Gre cest is Cv Cx) = 0.o00123-0.082²+40x . dellars and where Cy is in number of smacthies sold R the . O what is the cost functicn cCx) accohnting for fixed cad Variable cests? Compute the merçinsl cost functien.